Agriculture Secretary Vilsack Announces Recovery Act Projects that will Create or Save Jobs in 10 States
WASHINGTON, Oct. 26, 2010 – Agriculture Secretary Tom Vilsack today announced that USDA is providing loan guarantees to 15 businesses in 10 states to provide economic opportunities and create jobs. The funding, which is made available through the American Recovery and Reinvestment Act of 2009 (Recovery Act), was announced on the Secretary's behalf by Judith Canales, administrator of USDA's business and cooperative programs.
"Today's announcement is an example of how the Obama Administration is working to create jobs and rebuild and revitalize rural America to ensure that working people in communities throughout the country have a brighter future," Vilsack said. "The loan guarantees we are announcing will help businesses grow, create jobs and promote economic opportunity in rural America."
For example, the JBT Grain Company, LLC, in Middleton, Mich., has been selected to receive a $9.9 million guaranteed loan to construct a new feed mill and pellet plant. The loan will create 16 jobs and allow the business to remain in the community.
Elite Quality Care, Inc., in Manchester, Tenn., has been selected to receive a $1.8 million loan guarantee to provide permanent financing to build a 48-unit assisted-living facility. The company has already generated 22 new health-care-related jobs and will expand contracts with local partners in Manchester.
The loan guarantees announced today will create or save an estimated 1,359 jobs. Recovery Act funds support 15 projects for $60.5 million. USDA Rural Development's Business and Industry Guaranteed Loan Program received $1.57 billion through the Recovery Act to help rural businesses stimulate their economies and support their communities. Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies and individuals. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the economic downturn.
More information about USDA's Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal Government's efforts on the Recovery Act is available at www.recovery.gov.
A list of borrowers receiving loan awards is shown below. Funding is contingent upon borrowers meeting conditions in the loan agreement.
H & E Properties LLC; Arvest Bank; $3,325,000 loan
GFA Peanut Association; Bank of Camilla; $6,600,000 loan
Concordia, LLC; Bank of Camilla; $2,885,000 loan
Prairie Horizon Agri-Energy, LLC; Bankers' Bank of Kansas; $5,000,000 loan
JBT Grain; Commercial Bank; $9,989,140 loan
Non-Ferrous Cast Alloy; Community Shores Bank; $3,475,000 loan
MSE, Inc. / MSETA, Inc.; Granite Mountain Bank; $5,650,000 loan
Yogo Pure Properties, LLC.; BB&T; $4,240,692 loan
NatureWorks Organics, Inc.; Surrey Bank & Trust; $900,000 loan
East Coast Entertainment; Surrey Bank & Trust; $2,974,000 loan
West Plains Company; Great Western Bank; $10,000,000 loan
ATE Nutritional 100 Schoolhouse Road, LLC; BCB Community Bank; $1,100,000 loan
Elite Quality Care, Inc. d/b/a McArthur Manor ALC; First Vision Bank; $1,862,648 loan
President Obama signed The American Recovery and Reinvestment Act of 2009 into law on Feb. 17, 2009. It is designed to jumpstart the nation's economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a national network of 6,100 employees located in 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $142 billion in loans and loan guarantees.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).